Avidian Wealth Enterprises LLC Purchases New Shares in AppLovin Corporation $APP

Avidian Wealth Enterprises LLC purchased a new stake in AppLovin Corporation (NASDAQ:APP) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 616 shares of the company’s stock, valued at approximately $216,000.

Several other large investors have also added to or reduced their stakes in APP. DekaBank Deutsche Girozentrale boosted its stake in shares of AppLovin by 1.8% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 130,549 shares of the company’s stock valued at $44,665,000 after purchasing an additional 2,327 shares in the last quarter. Stephens Inc. AR boosted its stake in shares of AppLovin by 7.3% during the 2nd quarter. Stephens Inc. AR now owns 8,586 shares of the company’s stock valued at $3,006,000 after purchasing an additional 582 shares in the last quarter. LMG Wealth Partners LLC boosted its stake in shares of AppLovin by 0.5% during the 2nd quarter. LMG Wealth Partners LLC now owns 7,941 shares of the company’s stock valued at $2,780,000 after purchasing an additional 39 shares in the last quarter. Calamos Wealth Management LLC bought a new stake in AppLovin during the 2nd quarter valued at approximately $3,075,000. Finally, Chicago Partners Investment Group LLC boosted its position in AppLovin by 27.1% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 1,513 shares of the company’s stock valued at $548,000 after acquiring an additional 323 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. BTIG Research lifted their price objective on AppLovin from $547.00 to $664.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Tuesday, August 26th. Benchmark boosted their target price on shares of AppLovin from $525.00 to $640.00 and gave the company a “buy” rating in a report on Monday, September 15th. Bank of America boosted their target price on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Finally, Royal Bank Of Canada assumed coverage on shares of AppLovin in a report on Monday, October 13th. They set an “outperform” rating and a $700.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $605.13.

Insider Activity

In other news, Director Dawson Alyssa Harvey sold 350 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $487.97, for a total value of $170,789.50. Following the transaction, the director owned 3,150 shares in the company, valued at approximately $1,537,105.50. This represents a 10.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the transaction, the chief executive officer owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This represents a 1.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. Company insiders own 13.66% of the company’s stock.

AppLovin Trading Up 4.4%

AppLovin stock opened at $589.70 on Friday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The business’s fifty day simple moving average is $565.46 and its two-hundred day simple moving average is $420.20. AppLovin Corporation has a 12 month low of $158.08 and a 12 month high of $745.61. The company has a market capitalization of $199.47 billion, a price-to-earnings ratio of 83.76, a price-to-earnings-growth ratio of 3.07 and a beta of 2.53.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the business posted $0.89 EPS. AppLovin’s revenue was up 77.1% compared to the same quarter last year. As a group, equities analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.